In a not so surprising move, Electronic Arts has engaged in an attempted hostile takeover of Take Two Interactive. EA went directly to the shareholders and offered $26 a share in an attempt to buyout Take Two Interactive without their willingness. The Wall Street Journal has also published an article regarding EA’s move:

Following the rejection of its unsolicited bid to acquire Take-Two, EA launched a tender offer to acquire all of Take-Two’s outstanding shares for $26 each, the price it offered the company last month. The move signals that EA’s attempt to gain control of Take-Two, publisher of the blockbuster Grand Theft Auto game, is turning hostile.

In response to the move, Take-Two’s board recommended Thursday that its shareholders take no action at this time, saying it would advise investors on its position within 10 business days.

The EA bid places a value of about $2 billion on Take-Two, which temporarily traded above the $26 a share that EA offered, but later sunk below the offer price. The stock traded at 4 p.m. yesterday at $24.91, up 26 cents, on Nasdaq.

“This is a great opportunity for Take-Two shareholders,” said EA Chief Executive Officer John Riccitiello. “We believe Take-Two investors will see our tender offer as the best way to maximize the value of their investment in Take-Two.”

If Electronic Arts succeeds in acquiring Take Two Interactive, EA will then control much of the gaming industry. EA has a reputation of milking franchises and preventing innovation. If EA ends up controlling most of the game industry (which it looks like they may end up doing) will this severely hurt the gaming market and creativity?

[Via The Wall Street Journal]

What goes around comes around. ...I hope.

::waits for microsoft to buy out EA::

::dies of boredom::

Honestly this is just absurd...how many companies do they need?  What’s the point?  They already make a million games and tons of money...this is just stupid.

They want more money. Remember, businesses always want more money and will stop at nothing to get as much money as they possibly can achieve. Yes humans are that greedy.

I really don’t understand.  When is enough money enough?  Honestly, there would come a point where I had enough money that I didn’t need to work so I wouldn’t.  What’s the point of more money that I’ll never even get to use?  I’d stop running a company and go enjoy my money.

this is not suprising at all. I hope they don’t succeed but I doubt they will stop here. Also,shadow, thats why you aren’t allowed to run a mega corperation like EA

The death cube strikes again

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